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Shiba Inu Whales Accumulate Whopping 100 Billion SHIB Within Days: Bullish Again?

source-logo  u.today 02 June 2023 15:33, UTC

The number of Shiba Inu tokens in the addresses of major holders, referred to in the crypto community as whales, has grown by 100 billion SHIB since the beginning of the week, according to IntoTheBloсk. The aggregate holdings of these addresses are currently estimated at 661,99 trillion SHIB. It is important to clarify that 410,36 trillion tokens are concentrated in the "dead" address, where Shiba Inu tokens are sent to be burned.

In addition to the largest addresses, a positive change in balance was seen among those who, according to the IntoTheBlock methodology, are referred to as investors. Here, we mean those addresses that hold between 0.1% and 1% of the total supply of the Shiba Inu token. There are 41 such addresses in total. The volume they hold, albeit slightly, increased by seven billion SHIB.

Is this bullish for Shiba Inu (SHIB)?

Despite the seemingly positive changes, to say that they are bullish for the Shiba Inu token would seem to be wrong. Rather, the opposite is true.

One has to keep in mind that most of these whale addresses and some of the so-called investor addresses are exchange accounts, and the fact that they are getting "fat" may signal rather that the real holders of the Shiba Inu token are sending them to the exchange. This is usually a sign of selling sentiment among real holders of the cryptocurrency.

The same is evidenced, for example, by the fact that the aggregate holdings of retail holders of the Shiba Inu token decreased by 160 billion SHIB during the period under review.